📲 NCC suspends issuance of MVNO license |📉 MTN's Q1 revenue down by 19%

Today’s Menu ☕️

📲 NCC suspends issuance of MVNO, VAS Aggregator, Interconnect Exchange licenses
📽️ French media giant Canal+ buys up more Multichoice.
💵 PalmPay partners with Lagos State Government to provide payment solutions for ‘Ounje Eko’ food discount initiative
📉 MTN Group Q1 2024 Financial Results: Mixed Performance Amidst Inflationary Challenges and Geopolitical Tensions
💰3 African startups - 118 Africa, Ensibuuko and FWT - selected for the 2024 GSMA Innovation Fund for Accelerated Growth Cohort
💰 Spiro obtains $50 million in debt financing from Afreximbank for African electric vehicle expansion

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📲 TELECOMMUNICATIONS

NCC suspends issuance of MVNO, VAS Aggregator, Interconnect Exchange licenses

The Nigerian Communications Commission (NCC) has announced the suspension of the issuance of communication licences in three categories including Mobile Virtual Network Operator (MVNO), Interconnect Exchange, and Value Added Service Aggregator.

The Commission announced this in a public notice issued by its Director of Public Affairs, Mr. Reuben Muoka on Friday. It, however, said the suspension, which takes effect from May 17, 2024, is temporary.

This means that no company will be able to apply for a new licence in any of the three affected categories. NCC said the suspension is in line with its powers under the Nigerian Communications Act (NCA) 2003 to grant and renew licenses, promote fair competition, and develop the communications Industry.....……continue reading

💵 PAYMENT SOLUTIONS

PalmPay partners with Lagos State Government to provide payment solutions for ‘Ounje Eko’ food discount initiative

PalmPay, a leading fintech platform in Nigeria, has announced a strategic partnership with the Lagos state government to enhance the ‘Ounje Eko’ initiative, a weekly food discount market program. This collaboration is set to provide efficient payment solutions that will facilitate easier transactions for both residents and businesses participating in the Food Discount Market.

The ‘Ounje Eko’ initiative, which translates to ‘Lagos Food’, is a food subsidy program championed by Lagos State Governor Babajide Sanwo-Olu. The program is designed to offer relief and support to the citizens of Lagos by making food more affordable, especially in light of the country’s escalating inflation rates.

The payment system for ‘Ounje Eko’ is based on a QR-code-enabled platform, which utilizes the services of the Nigeria Inter-Bank Settlement System (NIBSS) on behalf of the financial services industry. This digital payment method is expected to streamline the process of buying and selling within the initiative, making it more accessible and convenient for all involved....……continue reading

📉 TELECOMS

MTN Group Q1 2024 Financial Results: Mixed Performance Amidst Inflationary Challenges and Geopolitical Tensions

MTN Group, the leading mobile telecommunications provider in Africa, with the largest subscriber base on the continent, has experienced a downturn in its revenue for the first quarter of the year 2024. This information was disclosed in the company’s latest financial report, which was released to the public by the Johannesburg Stock Exchange (JSE), where the company is listed.

According to the data presented in the financial update, MTN Group’s customer base has reached a milestone of 288 million subscribers across the 18 markets where the company has established its presence in the vast Pan-African region.

The group’s service revenue saw a significant decrease of 18.8%, with voice revenue experiencing a substantial drop of 32.2% and data revenue decreasing by 14.7%. However, the fintech segment of the business bucked the trend with an 11.4% increase in revenue.……continue reading

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💰 FUNDING

3 African startups - 118 Africa, Ensibuuko and FWT - selected for the 2024 GSMA Innovation Fund for Accelerated Growth Cohort

3 African startups have been selected to join the 2024 edition of the GSMA Innovation Fund for Accelerated Growth. They are Africa 118 from Ethiopia; Ensibuuko from Uganda and Freetown Waste Transformers (FWT) from Sierra Leone.

The GSMA Innovation Fund for Accelerated Growth has played a crucial role in supporting over 100 organizations, unlocking more than £700 million in follow-on funding. However, recent economic challenges have significantly impacted venture capital funding, especially in low- and middle-income countries (LMICs). In response, the GSMA Innovation Fund for Accelerated Growth was launched in January 2024 to provide grant funds and technical assistance to innovative organizations in LMICs. This initiative aims to help startups and small to medium-sized firms scale their solutions, reach wider audiences, and create sustainable impacts..……continue reading

🏍️ TRANSPORTATION

Spiro obtains $50 million in debt financing from Afreximbank for African electric vehicle expansion

Spiro, an electric vehicle enterprise based in India, has secured a significant debt financing agreement worth $50 million with Afreximbank to bolster its market presence in the regions where it currently operates. The company has a footprint in six African nations—Benin, Togo, Kenya, Nigeria, Uganda, and Ghana—and has set its sights on expanding into Cameroon and Morocco within the current year.

Over the last two years, Spiro has dedicated efforts to meticulously surveying African urban landscapes to pinpoint viable market opportunities. The company boasts the title of the largest operator of electric motorbikes on the African continent, with a primary focus on two-wheeled vehicles.

In its initial markets, Benin and Togo, Spiro has established a fleet of 11,000 motorbikes and a network of 300 battery-swapping stations. Since its launch in Kenya in September 2023, the company has rolled out 800 motorbikes, and it has introduced 300 motorbikes to the Rwandan market. Additionally, Spiro has ambitious plans to introduce 1,000 motorbikes to the Ugandan market by the end of 2024....……continue reading

👨🏽‍💼 PEOPLE

Fabricio Bloisi appointed as new Group CEO of Naspers and Prosus following leadership transition. The publicly traded South African consumer internet conglomerate Naspers, along with its international internet assets division Prosus, have announced the appointment of Fabricio Bloisi to the role of Group CEO……read more.

Bradwin Roper resigns as CEO of MTN’s fintech division. Bradwin Roper has announced his resignation from the position of CEO of MTN’s fintech operations, as he prepares to pursue a new professional venture….. read more

OTHER STORIES

• Ghanaian fintech startup, Zeepay, Secures Regulatory Approval to Expand Cross-Border Remittances in Ghana. Zeepay, fresh off a $3 million equity investment from Verdant Capital Hybrid Fund, has secured regulatory approval from the Bank of Ghana (BoG) for its outbound money transfer service. This landmark achievement establishes Zeepay as the first mobile money operator to receive such authorization under the BoG’s regulatory sandbox framework.…..read more

• French media giant Canal+ buys up more Multichoice. The French multimedia conglomerate Canal+ has been progressively acquiring shares in Multichoice, inching closer to owning a 50% stake in the company.…..read more